HDFC Bank's net profit jumped 19.58% to Rs 6,658.62 crore on a 6.46% increase in total income to Rs 34,453.28 crore in Q1 June 2020 over Q1 June 2019. Profit before tax (PBT) rose 4.73% to Rs 8,937.75 crore in Q1 FY21 as against Rs 8,533.58 crore in Q1 FY20. Tax expense dropped 23.14% to Rs 2,279.13 crore in Q1 FY21 compared with Rs 2,965.42 crore in Q1 FY20.
The private sector lender said that the continued slowdown in economic activity due to COVID-19 outbreak has led to a decrease in retail loan origination, sale of third-party products, use of credit and debit cards by customers, efficiency in collection efforts and waivers of certain fees.
The board of directors of Muthoot Finance on Saturday (18 July) decided to defer the proposal to sub-divide the equity shares of the company to a future date. The decision was taken due to the economic uncertainties amid Covid-19 outbreak and related slowdown in the economy.
ICICI Lombard General Insurance Company reported a 28.5% rise in net profit to Rs 398.1 crore in Q1 June 2020 compared with Rs 309.81 crore in Q1 June 2019. The insurance company's total income rose nearly 2% to Rs 2844.17 crore in Q1 June 2020 compared with Rs 2791.08 crore in Q1 June 2019.
Mahindra & Mahindra Financial Services reported a 302.61% rise in consolidated net profit to Rs 431.72 crore in Q1 June 2020 compared with Rs 107.23 crore in Q1 June 2019. The company's total income rose 16.09% to Rs 3,310.65 crore in Q1 June 2020 compared with Rs 2,851.70 crore in Q1 June 2019.
The board of directors of the company has approved a proposal to issue equity shares on a rights basis to its existing shareholders for an amount not exceeding Rs 3,500 crore.
Telecom stocks will be in focus ahead of a Supreme Court hearing in the adjusted gross revenue (AGR) case today, 20 July.
Cadila Healthcare has received final approval from the US drug regulator to market butalbital, acetaminophen and caffeine tablets of various strengths. This combination of medication is used to treat symptom complex of tension (or muscle contraction) headache.
Sunteck Realty said that it has issued commercial paper of Rs 25 crore. In an exchange filing made after the trading or market hours on Friday (17 July), the company said the commercial papers are proposed to be listed on BSE. The commercial paper offering interest of 7% per annum will mature on 13 November 2020.
Housing and Urban Development Corporation (HUDCO) on Friday (17 July) said it achieved loan sanctions of Rs 1172.04 crore and loan releases of Rs 2284.76 crore as on 30 June 2020, for the financial year 2020-21.
Arvind Fashions' Rs 400 crore rights issue was subscribed 1.41 times. It received a bid for 5,65,73,143 equity shares. The rights issue opened on 29 June 2020 and closed on 17 July 2020. The company offered 3,99,79,347 rights equity shares with a face value of Rs 4 each for Rs 100 each for an amount aggregating upto Rs 399.79 crore on rights basis in the ratio of 62 rights equity shares for every 91 fully paid up equity shares held by the equity shareholders on the record date on 18 March 2020. The rights issue will help the company stabilise its operations and cash flow.
Yes Bank FPO ended with 93% subscription on Friday. The issue attracted bids for 847.86 crore equity shares as against the total issue size of 909.97 crore equity shares. The follow-on public offer (FPO) received bids for 523.48 crore shares from qualified institutional buyers (QIBs). The QIB segment was subscribed 1.90 times. Retail investors, non-institutional investors and employees of the bank had not fully subscribed their portion.
UCO Bank said that the meeting of the board of directors of the bank is scheduled on 23 July 2020 to consider and approve the proposal of raising of equity capital during the financial year 2020-21. The capital will be raised through various modes such as Follow on Public Offer (FPO), Qualified Institutional Placement (QIP), Preferential issue, right issue etc.
Trident's consolidated net profit tumbled 91.7% to Rs 10.11 crore in Q1 June 2020 from Rs 122.43 crore in Q1 June 2019. Revenue from operation declined 46% in the June quarter to Rs 708.54 crore from Rs 1312.15 crore in the corresponding period last year.
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